Summit Global Investments Takes $750,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Summit Global Investments purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,949 shares of the software maker's stock, valued at approximately $750,000.

A number of other hedge funds have also recently made changes to their positions in the business. Accredited Investors Inc. grew its holdings in shares of Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after acquiring an additional 36 shares during the period. Principal Street Partners LLC grew its stake in Cadence Design Systems by 2.6% in the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after purchasing an additional 37 shares during the period. Lindbrook Capital LLC raised its holdings in Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after purchasing an additional 38 shares in the last quarter. Oarsman Capital Inc. lifted its position in Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after buying an additional 38 shares during the period. Finally, Empower Advisory Group LLC boosted its holdings in shares of Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after buying an additional 41 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now directly owns 7,411 shares in the company, valued at $2,038,025. The trade was a 2.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,445 shares of company stock worth $5,615,733. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Up 2.4%

Cadence Design Systems stock traded up $6.97 during midday trading on Thursday, reaching $301.37. The company's stock had a trading volume of 672,719 shares, compared to its average volume of 2,013,938. The business has a 50-day simple moving average of $284.78 and a 200-day simple moving average of $287.52. The company has a market cap of $82.29 billion, a P/E ratio of 77.98, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm's revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.17 earnings per share. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CDNS shares. Robert W. Baird upped their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Loop Capital reduced their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Finally, KeyCorp lifted their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.